Four years after acquiring a majority interest in the Boston software company, Century City-based Diversi Capital has bought the remaining stake. Diversys Origo has agreed to pay $195 million in cash for its former Tempo Software division. This amount is less than 40%.
Reykjavik, Iceland-based Origo’s estimated profit from the sale, including book value and transaction costs, is about $156 million, according to a company release.
Tempo sells the software through Atlassian, a Sydney, Australia-based developer of team collaboration and productivity software.
Ron Nayot, managing partner at Diversisys Capital, said the firm initially invested in Tempo because it believed in the company’s growth potential, which provided significant value to its customers and the Atlassian ecosystem.
“Through our partnership with Origo, we have seen Tempo deliver strong results and continue to grow organically and inorganically,” Nayot said in a statement. “We are excited to work with Mark Lorion, Tempo’s CEO, and the entire Tempo team to drive the next phase of growth as the principal owners of Tempo Software, now operating across multiple geographies, categories and markets.”
Origo’s CEO, John Bionson, said in a statement that the sale of a majority stake in Tempo to Diversys Capital in 2018 was an excellent decision for Origo, exceeding expectations. Diversys has partnered with me as well as Origo and Tempo leadership to complete this milestone. We wish the staff of Tempo and Diversis all the best and continued growth.
Lorion has been a valued business partner for the company since Tempo’s early days and through its global expansion.
“I am grateful for Origo’s support and excited about Diversys’ additional investment to accelerate Tempo’s continued growth and product innovation,” Lorion said in a statement. “We’re changing the way teams plan and execute their work, so everyone across the organization is working together on the most valuable opportunities for their teams, customers and businesses.”
In the year Founded in 2013, Diversys is a technology-focused private equity firm with over $1 billion in capital raised across its funds.
Tempo was founded in In 2007 it became a part of TM Software in Iceland and in 2015 it changed to another company.
